Investing
Q2 & Alkami Technology shares gain on Goldman Sachs’ positive initiations
© Reuters. Q2 & Alkami Technology shares gain on Goldman Sachs positive initiations
Goldman Sachs initiated coverage on several stocks in the bank technology space, including Q2 Holdings (NYSE:) and Alkami Technology Inc (NASDAQ:) with a Buy rating and $38 and $21 price targets, respectively. As a result, Q2 and Alkami shares gained more than 4% and 5% today, respectively.
The firm expects bank technology spending to be resilient near-term, with growth in the 5-10% range.
In light of recent industry challenges, the firm has observed that smaller financial institutions with assets under $50 billion and credit unions have performed relatively well. This has led the firm to favor Q2 and Alkami Technology. Although there has been some upward share price reversion following the failures of Silicon Valley Bank and First Republic Bank (OTC:), the firm believes there is potential for further outperformance of these companies.
This is due to two key factors: firstly, these companies are positioned to capitalize on a healthy underlying demand environment, outpacing other vertical software companies in the near term. Secondly, these companies increasingly gain economies of scale, providing profitability and valuation support.
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